Washington [US]March 8 (ANI): On Monday, the World Bank approved a package of loans and grants of USD 723 million to Ukraine, providing state budget support in the midst of the total conflict with Russia.
The international lender approved a supplementary budget support package for Ukraine, called the Financing of Recovery from Economic Emergency in Ukraine – or FREE Ukraine – for $ 489 million, the bank said in a statement.
“The package approved by the board consists of an additional loan of $ 350 million and guarantees of $ 139 million and also mobilizes grant financing of $ 134 million and parallel financing of $ 100 million, resulting in total mobilized support of $ 723 million,” it added. .
The rapid payment support will help the government provide important services to Ukrainians, including salaries for hospital workers, pensions for the elderly and social programs for the vulnerable, the statement said.
The World Bank has also set up a multi-donor trust fund (MDTF) to facilitate the channeling of grant resources from donors to Ukraine, with grants from the UK, Denmark, Latvia, Lithuania and Iceland amounting to USD 134 million to date.
The World Bank is calling for further contributions to the MDTF. In addition, Japan is linking $ 100 million in parallel funding to the aid package. (ANI)